Megatrends

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Strategy Briefing

Consumer Payments 2015: Trends, Developments and Prospects

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Globally, the consumer payment market has more than doubled over the last decade to reach US$47 trillion in 2014. There are three main themes that will dominate the consumer payments storyline in 2015: driving financial card payment volume by identifying new potential markets; the undeniable impact of mobile on payments; and lastly whether payment entrants should be considered friends or foes of the established system.

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Consumer payment market doubles in value over the last decade

The global consumer payment market has more than doubled over the last decade, to reach US$47 trillion in payment volume in 2014.

Digital payments surpass paper-based payment methods in popularity

While cash remains the leading consumer payment type globally, its share of the consumer payment pie has been eroded. In fact, 2014 marked the first year in which the share of digital payment volume surpassed that of paper-based payment methods.

Tapping into the untapped market

The World Bank estimates that half of the world’s adult population, more than 2.5 billion people, do not have an account with a formal financial institution. This large swath of the population provides a potentially huge base for aspiring card issuers and networks.

The undeniable impact of mobile on the payments landscape

Money is going mobile and the race is on to control its flow across billions of smartphones, as well as millions of online and physical point-of-sale locations.

Payments entrants: friends or foes of the establishment

As more money goes digital, the traditional payments industry is seeing more and more companies vying for a role in the fast-expanding digital payments landscape. Traditional card payment behemoths are now left wondering if these companies should be viewed as friends or foes.

Impact of the Asian century on card payment prospects

Asia Pacific, which overtook North America in 2012 to become the largest region in terms of overall card payment volume, will continue to widen its lead. The region is forecast to account for 48% of global payment volume by 2019. The rise of Asia Pacific is being driven almost entirely by China.